Staking Tokens Gain Momentum Amid BlackRock’s ETF Filing
If you’ve been keeping an eye on the cryptocurrency market, you may have noticed a surge in popular Ethereum-staking tokens following news of BlackRock’s latest ETF filing. The governance token for Lido Finance, in particular, has experienced a significant increase of over 20% overnight, according to CoinGecko, reaching $2.49 at the time of this report. Over the past week, its value has surged by 37% since last Friday.
Lido Finance is a leading liquid staking provider in the industry, allowing users, especially ETH holders, to stake their Ethereum and receive a “stETH” token in return. This token tracks the price of Ethereum and can be utilized elsewhere in DeFi, ensuring that users remain liquid.
Similarly, RocketPool’s native token, another major staking provider in the industry, has seen a substantial rally of over 20% in the past 24 hours, reaching a current value of $32.83. Like Lido, it also provides users with access to a staked version of Ethereum called “RETH.”
Staking Tokens Surge Amid Speculation on Ethereum ETF
The recent surge in staking tokens is largely attributed to the news of BlackRock filing a new entity called “iShares Ethereum Trust” in Delaware. While this doesn’t officially confirm an ETF for Ethereum, it has driven up the price of Ethereum itself to over $2,000 for the first time since July.
Analysts have pointed out that BlackRock previously executed a similar move before officially filing for its Bitcoin ETF back in June. Despite this speculation, BlackRock has not provided any official comments on the matter.
BlackRock’s entry into the race for cryptocurrency ETFs is significant due to its track record for successful application approvals, adding it to the growing list of hopefuls for both assets.
Hot Take: Staking Tokens Ride High on BlackRock’s Potential ETF Impact
The potential impact of BlackRock’s ETF filing on Ethereum has caused a surge in staking tokens like Lido Finance and RocketPool. As speculations around an Ethereum ETF grow stronger, these tokens are likely to continue experiencing heightened activity as investors position themselves for potential gains.
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